Karl Suleman pleads guilty to ASIC charges

The Australian Securities and Investments Commission (ASIC) said former director of Karl Suleman Enterprises Pty Limited (KSE) and the Froggy group of companies (Froggy Group), Mr Karl Suleman, has pleaded guilty in the New South Wales District Court, Sydney, to 26 charges following an investigation by ASIC.

Mr Suleman pleaded guilty to 15 counts of making false statements. These statements relate to allegations that he induced 15 investors to enter into agreements and invest $3.185 million in KSE's supermarket trolley collection business.

He also pleaded guilty to 11 counts of using false documents, which induced one investor to invest $1 million in KSE's supermarket trolley collection business.

The offences occurred between April 2000 and July 2001. Mr Suleman was remanded in custody for a two-day sentencing hearing in the New South Wales District Court, Sydney, commencing on 22 June 2006.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.